In the past few years, the UAE, as part of its digital transformation efforts, has capitalized on blockchain technology to increase transaction efficiency and pioneered initiatives and policies related to it.
During the Abu Dhabi Finance Week, Abu Dhabi Global Market (ADGM) Courts announced the first-ever adoption of blockchain technology for the global enforcement of commercial judgments.
The new blockchain system will save parties significant time and money when enforcing commercial judgments.
Secure, immutable judgments will be made available to parties and enforcing courts promptly, through ADGM’s website, via API, or directly on the blockchain for member courts.
This significant advancement in international trade and business means that parties will no longer be required to wait for a certified copy of the decision before beginning the procedure in the enforcing jurisdiction.
“Our focus has now turned to enforcement to respond to the pressing needs of the international business community and to drive sustainable change for the justice sector. This trailblazing introduction of blockchain technology for commercial courts underscores ADGM and ADGM Courts’ reputation as leaders in digitizing justice,” said Linda Fitz-Alan, Registrar and CEO of ADGM Courts. She added that this move aligns with the financial center’s vision to transform the delivery of judicial services through technology.
The ADGM-backed Middle East, Africa, and Asia Crypto and Blockchain Association was launched last week in Abu Dhabi to accelerate the growth of blockchain and cryptocurrencies in the region.
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